The firm imported COVID goods worth Rs. 5 Crore.
The IGST @5% at the time of import was paid on Assessable Value of @5000 per unit of product. The original costing was Rs. 3000 per product.
However, the products were sold at Rs. 2000 per unit and IGST@5% was charged on it. The goods were sold at loss of Rs. 1000 to costing.
There is huge ITC of Rs. 20 Lacs IGST standing in my credit ledger at the end of June 2020.
Can i get refund of this excess IGST credit reflecting in my books?

Dear Expert,
We have formed a company ABC Ltd post in Dec-2019.

We have another company xyz Ltd formed in 2015.
In XYZ Ltd we had taken a land to set up factory and imported some machines from Germany but business is yet commenced.

Now we wish to merge xyz Ltd into ABC Ltd in order to get lower income tax benefit u/s 115BAB.

Please suggest your view.

Thanks & Regards,
M K Agarwal

if a person as individual engaged in Business of Jobwork which has a turnover of 10 lakhs and Income From that buisness is nearly 3 lakh nearly and income from Insurance Commission is 15K and person want to show his business under 44Ad and Insurance income as income from other source?

Which ITR Should that person will have to file and why?

Turnover for FY 18-19 was Rs. 1.2 crores.
Due date for GSTR 3B of March 2020 was 3rd July 2020 and the return was filed on this date. Group B state - Rajasthan.
But the April 2020 GSTR 3B is calculating Late fees of Rs. 500.
Can anybody please help me.

Respected Experts, please guide me, what will be place of supply on below situations :-
1) Supplier - Registered in Delhi
GTA - Local Vehicle (not GTA)
Recipient : Registered in Haryana

2) Supplier - Registered in Delhi
GTA - Registered in Delhi
Recipient - Registered in Haryana

3) Supplier - Registered in Haryana
GTA - Registered in Delhi
Recipient - Registered in Haryana

Please help me.

Regards & Thanks in advance

Rakesh Sharma

Sir,

If a person adopts resumptive taxation scheme under section 44ADA (Professional income ) but he opts out of this scheme in any subsequent five years as he is no more having professional income OR he has left profession ,then what are consequesces.

Is there is no requirement to meet up with continuity of 5 years in case of presumptive professional income u/s 44ADA as is applicable and required in case of presumptive business income u/s 44AD.

Pls guide.

Respected Sir,
A sr citizen of 68, incurred (Nov.2019) expenditure Rs.98000 on eye operation.Paid Rs.78000 by debit card.
Balance Rs. 20000/ paid by CGHS to the hospital.
Whether deduction admissible in chapter VIA?. please advise.

sir how to pay gst net tax liability interest thru drc or gstr 3b and interest rate

Dear Experts,
AO has raised the demand against the return which we had filed manually for AY 2017-18, however we are not satisfied with the raised demand by AO,

Also we need to add some more income in return

Pls let me know how can I revise this said return.......... And what to do in this case,

Thanks & Regards
Nikhil sharma

I had invested Rs.260000/- and received Rs.520000/- as maturity. Is interest received 260000/- fully taxable? Can I show principal amount 260000/- as tax exempted income? Kindly help.